Toronto orchestra reaches wage deal with musicians

TORONTO (Reuters) - The Toronto Symphony Orchestra reached a wage-cut agreement with its musicians on Friday in a bid to avoid bankruptcy.

After several days of intense negotiations, the musicians agreed to a substantial salary reduction -- 15 per cent in the first year -- and to a shorter season, but they avoided layoffs, the orchestra said in a statement.
"With the musicians playing the extra mile, we now need the support of (the Toronto Symphony) Foundation and funding partners to keep the music playing," said the TSO chairman Robert Weiss.

Scott Wilson, chairman of the musicians committee, said the 98 members of the orchestra agreed to the pay cut because of their commitment to keeping the symphony alive after the orchestra said it would not be able to meet its payroll.

The TSO, now in its 80th season, has annual operating budget is about C$20 million. It said a C$10 million cash injection is needed to eliminate its deficit.

The wage agreement, to be ratified Monday by the musicians, includes a profit-sharing plan for members of the orchestra.